Joint resolution proposing an amendment to the Constitution of the United States requiring the submission of balanced Federal funds budgets by the President and action by the Congress to provide revenues to offset Federal funds deficits.

Summary

Constitutional Amendment - Provides that, on or before the fifteenth day after the beginning of each regular session of the Congress, the President shall transmit to the Congress a budget which shall set forth separately: (1) his estimate of the receipts of the Government, other than receipts of trust funds, during the ensuing fiscal year under the laws then existing, and his recommendations with respect to expenditures to be made by the Government, other than expenditures from trust funds, during such ensuing fiscal year, which shall not exceed his estimate of such receipts; (2) his estimate of the receipts of Government trust funds during such ensuing fiscal year under the laws then existing, and his estimate and recommendations with respect to expenditures from such trust funds during such ensuing fiscal year. Permits the President, from time to time, to transmit revisions of his estimates of the receipts, and revisions of his estimates and recommendations with respect to expenditures. Permits the President, in transmitting the budget for any fiscal year, to recommend measures for raising additional revenues and measures for the expenditure of all or part of such additional revenues. Provides that, on or before the last day of the second month following the close of such fiscal year, the President shall report to the Congress the actual amount of receipts and expenditures of the Government during such fiscal year, other than receipts and expenditures of trust funds. Provides that during a war or other national emergency the provisions that require the President to submit a budget in which recommended expenditures do not exceed estimated receipts, shall not apply with respect to any period if: (1) the President recommends to the Congress the suspension of such provisions with respect to such period; (2) the Congress by a two-third vote of each House agrees to a resolution suspending such provisions with respect to such period.

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1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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